The Populist Revival of the Islamic Banking Movement
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By Claire Chen
Islamic banking is on the rise. Recent estimates suggest that the industry can expect a 10 percent growth rate over the next year, part of its broader transformation from a niche cultural product to a mainstream commodity part of the broader ethical finance movement.
A prevailing interpretation of Islamic banking considers it as simply another alternative in the consumer banking market. It is here that much of the discourse is centered: Islamic banking appears to be an individual moral statement that the savvy consumer chooses among a variety of products.
At the same time, the nascent popularity of Islamic banking cannot be entirely attributed to investors, eager as they may be to participate in this culturally-conscious version of the financial ind...